The key areas of financial reporting that may be affected by climate-related matters are: Estimates and judgments: ✅ Fair value measurements ✅ Asset impairments including expected credit losses ✅ Provisions and contingent liabilities

The effective date of IFRS 17 Insurance Contracts has arrived. IFRS 17 is the first comprehensive IFRS Standard on accounting for insurance contracts effective for periods beginning on or after 1 January 2023.

Corporate Sustainability Reporting Directive (CSRD) CSRD, the new European Union (EU) legislation passed by the European Union Council in November 2022 will be applicable to 50,000 EU companies. It also applies to non-EU companies with significant turnover/operations in the EU.

@CIMAIndia recently organised a session on the above topic which was attended by participants across the Middle East and Asia. @Saket_A_Modi , ACA CFA discussed the key issues in IFRS reporting,

There is a lot of buzz around ESG (Environment-Social-Governance) reporting. The key ESG frameworks are: a) Global Reporting Initiative (GRI) b) Sustainability Accounting Standards Board (SASB) c) Task Force for Climate-Related Financial Disclosures (TCFD)

There is a difference in the pattern of expense recognition by lessees as per IFRS 16 Leases/U.S. GAAP finance lease and U.S. GAAP operating lease. IFRS 16 Leases has a single right of use model which requires lessees to recognise lease asset and lease liability.

IFRS 3 Business Combinations covers recognition, measurement and subsequent accounting of goodwill. Goodwill is the premium paid on acquisition and represents an amount that cannot be allocated to an identifiable asset or liability.